S H Kelkar raises Rs 150cr from anchor investors

Fragrance maker S H Kelkar & Company today raised Rs 150 crore from anchor investors, a day ahead of opening of its Rs 500-crore initial public offering for public subscription.
The company allotted shares to investors at a price of Rs 180 apiece.
Capital research, T Rowe Price, Neuberger Berman, ICICI Prudential Mutual Fund, Birla Sun Life Mutual Fund, Axis Mutual Fund and Larsen & Toubro Mutual Fund are among the anchor investors that have been allotted shares, which is 30 per cent of the issue size, according to merchant banking sources.
The price band has been fixed at Rs 173-180 per equity share for IPO. The company's Rs 500-crore public issue will open for subscription tomorrow and closes on October 30.

Of the total, it will raise Rs 210 crore by issuing fresh shares, while the US-based private equity giant Blackstone will mobilise Rs 290 crore by offloading its 10 per cent stake in the company. In 2010, Blackstone had bought a 33 per cent stake in the company for Rs 243 crore.
The IPO is being managed by JM Financial and Kotak Mahindra Capital Company. The scrip is proposed to be listed on the BSE and the National Stock Exchange (NSE).
The company proposes to use the issue proceeds for repayment of loans as well as investment in its subsidiary K V Arochem Private Ltd and for other general corporate purposes.